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  • Virginia Tech Shootings Fast Facts | CNN

    Virginia Tech Shootings Fast Facts | CNN

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    CNN
     — 

    Here is some background information about the shootings at Virginia Tech in April 2007, one of the deadliest mass shootings in US history.

    Twenty-three-year-old Seung-Hui Cho killed 32 people on the Virginia Polytechnic Institute and State University campus in Blacksburg, Virginia, before taking his own life.

    Cho was a senior at Virginia Tech, majoring in English. He was born in South Korea in 1984 and became a permanent US resident in 1992.

    December 13, 2005 – Cho is ordered by a judge to seek outpatient care after making suicidal remarks to his roommates. He is evaluated at Carilion-St. Alban’s mental health facility.

    February 9, 2007 – Cho picks up a Walther P-22 pistol he purchased online on February 2 from an out-of-state dealer at JND Pawn shop in Blacksburg, across the street from Virginia Tech.

    March 2007 – Cho purchases a 9mm Glock pistol and 50 rounds of ammunition from Roanoke Firearms for $571.

    April 16, 2007 – (Events are listed in local ET)
    7:15 a.m. – Police are notified in a 911 call that there are at least two shooting victims at West Ambler Johnston Hall, a four-story coed dormitory on campus that houses approximately 895 students.

    9:01 a.m. – Cho mails a package containing video, photographs and writings to NBC News in New York. NBC doesn’t receive it until two days later due to an incorrect address on the package.

    9:26 a.m. – The school sends out an email statement that a shooting took place at West Ambler Johnston Hall earlier that morning.

    9:45 a.m. – 911 calls report a second round of shootings in classrooms at Norris Hall, the engineering science and mechanics building.

    9:50 a.m. – “Please stay put.” A second email notifies students that a gunman is loose on campus.

    9:55 a.m. – University officials send a third message about the second shooting via email and text messages to students.

    10:16 a.m. – Classes are canceled.

    10:53 a.m. – Students receive an email about Norris Hall shooting, with the subject line, “Second shooting reported: police have one gunman in custody.”

    12:42 p.m. – VT President Charles Steger issues a statement that people are being released from campus buildings and that counseling centers are being set up. He announces that classes are canceled again for the next day.

    April 17, 2007 – Virginia Tech Police announce that they “have been able to confirm the identity of the gunman at Norris Hall. That person is Seung-Hui Cho. He was a 23-year-old South Korean here in the US as a resident alien.”

    April 18, 2007 – NBC News announces that they have received a package containing pictures and written material which they believe to be from Cho, sent between the two shootings.

    August 15, 2007 – It is announced that the Hokie Spirit Memorial Fund, funded by private donations, will donate $180,000 to the families of each of the 32 victims. Those injured will receive $40,000 to $90,000, depending on the severity of the injuries, and a waiver of tuition and fees if applicable.

    March 24, 2008 – The state proposes a settlement to the families related to the shooting. In it, $100,000 is offered to representatives of each of the 32 people killed and another $800,000 is reserved to those injured, with a $100,000 maximum. Expenses not covered by insurance such as medical, psychological, and psychiatric care for surviving victims and all immediate families are also covered.

    April 10, 2008 – Governor Tim Kaine announces that a “substantial majority” of the families related to the shootings have agreed to the $11 million settlement offered by the state. It isn’t clear how many families have not accepted the deal. The settlement will pay survivors’ medical costs for life and compensate families who lost loved ones. By accepting the settlement, the families give up their right to sue the university, state, and local government in the future. Neither the attorneys representing the families nor the governor would discuss the exact terms until final papers are drawn.

    June 17, 2008 – A judge approves the $11 million settlement offered by the state to some of the victims and families of those killed in the shooting rampage. Families of 24 of the 32 killed, as well as 18 who were injured are included in the settlement.

    April 10, 2009 – Norris Hall reopens. The 4,300-square-foot area will house the Center for Peace Studies and Violence Prevention, which relocated to the building.

    December 9, 2010 – The US Department of Education releases a report charging that Virginia Tech failed to notify students in a “timely manner,” as prescribed by the Clery Act.

    March 14, 2012 – A jury awards $4 million each to two victims’ families who sued the state for wrongful death. The jury finds Virginia Tech failed to notify students early enough following the discovery of two shooting victims at West Ambler Johnston dormitory. The families of Erin Peterson and Julia Pryde argued that had officials notified students and staff earlier of the shooting, lives might have been spared. The Peterson and Pryde families did not accept a portion of an $11 million settlement between the state and the families of victims, opting instead to sue for wrongful death. The amount is later reduced to $100,000 per family.

    October 31, 2013 – The Supreme Court of Virginia overturns the jury verdict in a wrongful death suit filed against the state by the families of two of the victims, that “there was no duty of the Commonwealth to warn students about the potential for criminal acts” by Cho.

    January 21, 2014 – The court denies a request by the Pryde and Peterson families to reconsider its ruling.

    April 2014 – Virginia Tech pays fines totaling $32,500 to the Dept. of Education for violation of the Clery Act, a law requiring colleges and universities to provide timely notification of campus safety information.

    West Ambler Johnston Hall (dorm)
    Ryan Clark, 22, Martinez, Georgia
    – Senior, English, Biology and Psychology
    – Resident Assistant on campus, also in the Marching Virginians college band
    – Known as “the Stack” to friends

    Emily Jane Hilscher, 19, Woodville, Virginia
    – Freshman, Animal and Poultry Sciences

    Norris Hall (dept. bldg/classrooms)
    Ross Alameddine, 20, Saugus, Massachusetts
    – Sophomore, English
    – Died in a French class

    Dr. Christopher “Jamie” Bishop, 35, Pine Mountain, Georgia
    – Instructor, Foreign Languages and Literatures (German)

    Brian Bluhm, 25, Cedar Rapids, Iowa
    Graduate Student, Civil Engineering

    Austin Cloyd, 18, Blacksburg, Virginia
    – Sophomore, International Studies and French

    Jocelyn Couture-Nowak, 49, born in Montreal, Canada
    – Instructor, French

    Daniel Alejandro Perez Cueva, 21, Woodbridge, Virginia, originally from Peru
    – Junior, International Studies
    – Died in French class

    Dr. Kevin Granata, 45, Toledo, Ohio
    – Professor, Engineering Science and Mechanics

    Matt Gwaltney, 24, Chesterfield, Virginia
    Graduate Student, Civil and Environmental Engineering

    Caitlin Hammaren, 19, Westtown, New York
    Sophomore, International Studies and French

    Jeremy Herbstritt, 27, Bellefonte, Pennsylvania
    – Graduate student, Civil Engineering

    Rachael Hill, 18, Richmond, Virginia
    Freshman, Biology

    Jarrett Lane, 22, Narrows, Virginia
    – Senior, Civil Engineering

    Matt La Porte, 20, Dumont, New Jersey
    – Sophomore, Political Science

    Henry Lee, 20, Roanoke, Virginia
    – Sophomore, Computer Engineering

    Dr. Liviu Librescu, 76, from Romania
    Professor, Engineering Science and Mechanics
    – A Romanian Holocaust survivor

    Dr. G V Loganathan, 53, born in Chennai, India
    – Professor, Civil and Environmental Engineering
    – Had been at VA Tech since 1981

    Partahi Mamora Halomoan Lumbantoruan, 34, Indonesia
    – Doctoral student, Civil Engineering

    Lauren McCain, 20, Hampton, Virginia
    – Freshman, International Studies

    Daniel O’Neil, 22, Lafayette, Rhode Island
    – Graduate student, Environmental Engineering

    Juan Ramon Ortiz-Ortiz, 26, San Juan, Puerto Rico
    – Graduate student, Civil Engineering

    Minal Panchal, 26, Mumbai, India
    – Graduate student, Architecture

    Erin Peterson, 18, Centreville, Virginia
    – Freshman, International Studies
    Died in a French class

    Michael Pohle, 23, Flemington, New Jersey
    – Senior, Biological Sciences

    Julia Pryde, 23, Middletown, New Jersey
    – Graduate Student, Biological Systems Engineering

    Mary Karen Read, 19, Annandale, Virginia
    – Freshman, Interdisciplinary Studies

    Reema Joseph Samaha, 18, Centreville, Virginia
    – Freshman, University Studies
    – Went to the same high school as Cho

    Waleed Mohammed Shaalan, 32, Zagazig, Egypt
    – Doctoral student, Civil Engineering

    Leslie G. Sherman, 20, Springfield, Virginia
    – Junior, History and International Relations

    Maxine Turner, 22, Vienna, Virginia
    – Senior, Chemical Engineering

    Nicole Regina White, 20, Smithfield, Virginia
    – Sophomore, International Studies

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  • YouTube unveils a slew of new AI-powered tools for creators | CNN Business

    YouTube unveils a slew of new AI-powered tools for creators | CNN Business

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    CNN
     — 

    YouTube on Thursday unveiled a slew of new artificial intelligence-powered tools to help creators produce videos and reach a wider audience on the platform, as companies race to incorporate buzzy generative AI technology directly into their core products.

    “We want to make it easier for everyone to feel like they can create, and we believe generative AI will make that possible,” Neal Mohan, YouTube’s CEO, told reporters Thursday during the company’s annual Made On YouTube product event.

    “AI will enable people to push the boundaries of creative expression by making the difficult things simple,” Mohan added. He said YouTube is trying to bring “these powerful tools” to the masses.

    The video platform, under the Alphabet-Google umbrella, teased a new generative AI feature dubbed Dream Screen specifically for its short-form video arm and TikTok competitor, YouTube Shorts. Dream Screen is an experimental feature that lets creators add AI-generated video or image backgrounds to their vertical videos.

    To use Dream Screen, creators can type their idea for a background as a prompt and the platform will do the rest. A user, for example, could create a background that makes it look like they are in outer space or on a beach where the sand is made out of jelly beans, per demos of the tool shared on Thursday.

    Dream Screen is being introduced to select creators and will be rolled out more broadly next year, the company said.

    YouTube also unveiled new AI-powered tools that creators can access to help brainstorm or draft outlines for videos or search for specific music using descriptive phrases. YouTube said it was bringing an AI-powered dubbing tool that will let users share their videos in different languages.

    AI-powered tools in YouTube Studio.

    Alan Chikin Chow, 26, a content creator based in Los Angeles who recently hit 30 million subscribers on YouTube, told CNN that he is most excited about using the new AI-powered dubbing tool for his comedy videos. Chikin Chow currently boasts the title of the most-watched YouTube Shorts creator in the world.

    “I think global content is the future,” Chikin Chow told CNN. “If you look at the trends of our recent generation, the things that have really impacted and moved culture are ones that are global,” he added, citing the Korean smash-hit TV series “Squid Game” as one example.

    Using the AI-powered dubbing features, he said he hopes to reach audiences in new corners of the world that might not otherwise be able to engage with his content.

    LOS ANGELES, CALIFORNIA - DECEMBER 04: Alan Chikin Chow attends the 2022 YouTube Streamy Awards at the Beverly Hilton on December 04, 2022 in Los Angeles, California. (Photo by Emma McIntyre/Getty Images for dick clark productions)

    Chikin Chow added that he’s also excited to use the new editing tools to help save time.

    The rise of generative AI has animated the tech sector and broader public — becoming the latest buzzword out of Silicon Valley since the launch of OpenAI’s ChatGPT service late last year.

    Some industry watchers and AI skeptics have argued that powerful new AI tools carry potential dangers, such as making it easier to spread misinformation via deepfake images, or perpetuate biases at a larger scale. Many creative professionals — whose works are often swept up into the datasets required to train and power AI tools — are also raising the alarm over potential intellectual property rights issues.

    And some prominent figures inside and outside the tech industry even say there’s a potential that AI can result in civilization “extinction” and compare its potential risk to that of “nuclear war.”

    Despite the frenzy AI has caused, Chikin Chow told CNN that he ultimately views it as a “collaborator” and a “supplement” to help propel his creative work forward.

    “I think that the people who are able to take change and move with it are the ones that are going to be successful long term,” Chikin Chow said.

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  • Taiwan’s Foxconn to build ‘AI factories’ with Nvidia | CNN Business

    Taiwan’s Foxconn to build ‘AI factories’ with Nvidia | CNN Business

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    Taipei
    CNN
     — 

    Taiwan’s Foxconn says it plans to build artificial intelligence (AI) data factories with technology from American chip giant Nvidia, as the electronics maker ramps up efforts to become a major global player in electric car manufacturing.

    Foxconn Chairman Young Liu and Nvidia CEO Jensen Huang jointly announced the plans on Wednesday in Taipei. The duo said the new facilities using Nvidia’s chips and software will enable Foxconn to better utilize AI in its electric vehicles (EV).

    “We are at the beginning of a new computing revolution,” Huang said. “This is the beginning of a brand new way of doing software — using computers to write software that no humans can.”

    Large computing systems powered by advanced chips will be able to develop software platforms for the next generation of EVs by learning from everyday interactions, they said.

    “Foxconn is turning from a manufacturing service company into a platform solution company,” Liu said. “In three short years, Foxconn has displayed a remarkable range of high-end sedan, passenger crossover, SUV, compact pick-up, commercial bus and commercial van.”

    Best known as the assembler of Apple’s iPhones, Foxconn envisages a similar business model for EVs. It doesn’t sell the vehicles under its own brand. Instead, it will build them for clients in Taiwan and globally.

    In 2021, Foxconn unveiled three EV models, including two passenger cars and a bus, for the first time. They were followed by additional models last year and two new ones — Model N, a cargo van, and Model B, a compact SUV — during Foxconn’s tech day on Wednesday.

    Its electric buses started running in the southern Taiwanese city of Kaohsiung last year, while its first electric car, sold under the N7 brand by Taiwanese automaker Luxgen, is expected to begin deliveries on the island from January 2024.

    Foxconn has entered a competitive industry.

    Global sales of EVs, including purely battery powered vehicles and hybrids, exceeded 10 million units last year, up 55% from 2021, according to the International Energy Agency. Nearly 14 million electric cars will be sold in 2023, it projected.

    Foxconn, which is officially known as the Hon Hai Technology Group, has been expanding its business by entering new industries such as EVs, digital health and robotics.

    Analysts say its entry into the EV space is a “logical diversification.”

    Smartphones are “a very saturated market already, and the room to grow in the … industry is getting [smaller],” said Kylie Huang, a Taipei-based analyst at Daiwa. “If they can really tap into the EV business, I do think that [they] could become influential in the next couple of years.”

    During last year’s tech day, Liu told reporters that the company hoped to build 5% of the world’s electric cars by 2025. It aims to eventually produce up to 40% to 45% of EVs around the world.

    But its foray into the industry hasn’t been entirely smooth.

    Last year, Foxconn bought a factory from Lordstown Motors in Ohio that used to make small cars for General Motors. That partnership ended in June, with the American car company filing for bankruptcy protection and announcing a lawsuit against Foxconn.

    Lordstown Motors accused Foxconn of “fraud” and failing to follow through on investment promises, while Foxconn dismissed the suit as “meritless” and criticized the company for making “false comments and malicious attacks.”

    Still, it’s clear Foxconn is leaning into its expanded ambitions, including hiring two new chief strategy officers for its EV and chips businesses.

    Chiang Shang-yi is a Taiwanese semiconductor industry veteran who helped TSMC become a global foundry powerhouse, while Jun Seki, a former vice chief operating officer at Nissan Motor, leads the EV unit.

    In May, Foxconn announced a new partnership with Infineon Technologies, a German company that specializes in automotive semiconductor chips, to establish a new research center in Taiwan.

    Bill Russo, founder of Shanghai-based consulting firm Automobility, said Foxconn has the advantage of coming from a consumer electronics background, which could allow it to come up with more innovative EV products compared with traditional automakers.

    “The biggest problem with legacy automakers is that they have so much sunk investment in a carryover platform, that they typically want to start not with a clean sheet of paper, but with a highly constrained set of requirements,” he said. “Those carryover technologies bring constraints to how you think about vehicles.”

    “When Tesla started, it started by saying, ‘I’m going to challenge all of that, I’m going to blow up the basic architecture of a car and simplify it greatly,’” he added.

    “I think that’s the advantage that a technology company has … And I think that’s the way Foxconn will come at this.”

    Hanna Ziady contributed to this report.

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  • China tries to boost consumer spending as factory sector contracts for fourth month | CNN Business

    China tries to boost consumer spending as factory sector contracts for fourth month | CNN Business

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    Hong Kong
    CNN
     — 

    China unveiled a series of measures to boost domestic consumption Monday after more gloomy data about the health of the economy. But it stopped short of announcing a major package of new spending or tax cuts.

    The official Purchasing Managers’ Index (PMI), which measures activity in the manufacturing sector at mainly larger business and state-owned firms, came in at 49.3 in July, according to data released by the National Bureau of Statistics on Monday.

    That result was slightly up compared with 49 in June but the industry has now contracted each month since April. A PMI reading above 50 indicates expansion, while anything below that level shows contraction.

    The official non-manufacturing PMI, which looks at activities in services and construction, also fell, to 51.5. That is the lowest rate since December, when the index hit its weakest level since February 2020 at the start of the coronavirus pandemic.

    By the end of last year, Covid infections were sweeping through China after Beijing abruptly ended nearly three years of draconian pandemic restrictions that initially kept the virus at bay while hammering local businesses and isolating the world’s second largest economy.

    “Boosting consumption is the key in stimulating recovery and expanding demand,” said Li Chunlin, deputy director of the National Development and Reform Commission (NDRC), the country’s top economic planner, at a press conference in Beijing.

    The NDRC on Monday released a policy document containing 20 measures to restore and expand consumption.

    “China’s official PMI data provides little encouragement that the economy is turning the corner,” said Robert Carnell, regional head of research for Asia-Pacific at ING Group.

    Monday’s manufacturing and service sector figures are just latest data points that show how China’s economy is struggling.

    China’s GDP grew just 0.8% in the second quarter of this year, down significantly from tepid 2.2% growth it registered in the first three months of 2023. Consumer spending has weakened, the housing market has slumped, and the youth unemployment rate has soared to a fresh record of 21.3%.

    Much like many other parts of the world this summer, extreme weather has also posed a threat to economic growth.

    In recent weeks parts of China have been hit by a double whammy of heat waves and torrential rain, threatening to strain power supplies and disrupt factory production as well as crop yields.

    The frail data has prompted Beijing to increase efforts to shore up growth, with a series of announcements in recent weeks.

    The measures announced by the NDRC on Monday cover a wide range of industries, including automobile, real estate, electronic products, and services industry.

    Officials from four other central agencies, including the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism, also said at the press conference that they would roll out specific measures to support their respective industries.

    They include increasing consumer loans to encourage car purchases, building more EV charging facilities, building more affordable homes for young people, supporting the consumption of wearable devices and smart products, and encouraging local governments to hold food, music, and sports festivals to attract tourists.

    On Friday, China unveiled a two-year plan to boost so-called “light industry,” which includes consumer packaged goods, consumer durables, sports and leisure equipment, and light industrial machinery, according to a statement jointly published by the NDRC, MIIT, and the Ministry of Commerce.

    The goal is to speed up the industry’s growth to 4% for 2023 and 2024, after it only registered a 0.4% expansion in the first half of the year, the statement said.

    In the past weeks, authorities have tried to appear more proactive in supporting the private sector, a key growth driver that has been hammered by Covid restrictions as well as a sweeping regulatory crackdown under Chinese leader Xi Jinping that targeted sectors from technology to private education.

    However, these micro measures have not translated into the sort of “sizable fiscal policy stimulus” many have expected, Carnell said.

    “Looking forward, policy support is needed to prevent China’s economy from slipping into a recession,” said analysts from Capital Economics.

    “Unless concrete support is rolled out soon, the recent downturn in demand risks becoming self-reinforcing.”

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  • Giant rubber duck deflated in Hong Kong’s harbor amid fierce heat | CNN

    Giant rubber duck deflated in Hong Kong’s harbor amid fierce heat | CNN

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    CNN
     — 

    One of two giant rubber ducks on display in Hong Kong’s Victoria Harbor was deflated on Saturday to protect it from sweltering temperatures.

    Organizers said they made the decision to deflate the duck just one day after the pair arrived in the harbor, after an inspection found that its surface had stretched in the hot weather.

    The deflated duck will be sent for repairs, while its friend will remain in the harbor as part of a pop-art installation dubbed “Double Duck.”

    Locals and tourists had gathered at the waterfront in the scorching sun to catch a glimpse of the artwork – with some left disheartened at only seeing one duck.

    One Hong Kong resident, 35, explained that she had brought her child out specially to see the oversized bath toys.

    “Today, we originally planned to bring my child to see the yellow duck. We saw it 10 years ago as well. Back then, there was only one yellow duck, but today we came to see double ducks.

    “However, unexpectedly, there is only one duck now. We don’t feel disappointed though. As long as the children are happy, that’s enough.”

    A tourist from Thailand explained that her sister is a “big fan” of the giant ducks.

    “So, she was super sad, because she can see just only one.”

    Dutch artist Florentijn Hofman’s “Rubber Duck” initially appeared in Victoria Harbor a decade ago.

    Conceived in 2001 before debuting in France six years later, the installation appeared in cities including Osaka, Sydney and Sao Paolo before arriving in the semi-autonomous Chinese territory in May 2013.

    The artwork’s previous arrival in Victoria Harbour made a splash worldwide — in part because it mysteriously deflated overnight before being reinflated days later.

    The pop art installation returned to the harbor on Friday, this time with not one, but two ducks. At 18 meters (59 feet) tall, they are slightly larger than the one that made global headlines 10 years ago.

    “Double duck is double luck,” artist Hofman said in a statement. “The work emphasizes friendship and getting connected … ‘Double Ducks’ is not about looking into the past but enjoying the moment together!”

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  • Man who drove off cliff says he was pulling over to check tire pressure; wife claims he drove off purposefully, San Francisco Chronicle reports, citing court documents | CNN

    Man who drove off cliff says he was pulling over to check tire pressure; wife claims he drove off purposefully, San Francisco Chronicle reports, citing court documents | CNN

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    CNN
     — 

    A California man accused of purposefully driving himself, his wife and two children off a cliff on a coastal highway told police he pulled off to the side of the road to check on the car’s tire pressure, according to court documents exclusively obtained by the San Francisco Chronicle.

    His wife told first responders her husband, 41-year-old Dharmesh Patel, drove them off the cliff on purpose, the Chronicle reported, citing a search warrant affidavit.

    The outlet did not post the court documents online.

    Patel was charged with three counts of attempted murder in January after prosecutors say he intentionally steered his Tesla off a portion of the Pacific Coast Highway called Devil’s Slide, sending the family plunging about 250 feet to a rocky beach below. All four family members survived the crash. He pleaded not guilty to the charges.

    CNN has reached out to Patel’s attorney and his wife, Neha Patel, for comment. CNN is also working to obtain a copy of the court documents.

    When rescuers were pulling the family members out of the car, the wife told an emergency worker “something to the effect that the driver, her husband Dharmesh Patel, did it on purpose,” CHP officer Aaron Sapien wrote in a three-page search warrant affidavit seeking grounds to seize Patel’s property, the Chronicle reports.

    “She then told him that her husband needs a psych evaluation,” Sapien wrote in the affidavit, according to the Chronicle. “She said that suspect Patel drove them off and repeated this multiple times.”

    Another emergency worker also recalled hearing Neha say Patel drove off the cliff on purpose and “tried to kill everyone,” Sapien wrote in the affidavit, the Chronicle reports.

    During an interview with police following the incident, Patel told investigators he and his family were driving approximately 20 miles to his brother’s home in Montara, California, the Chronicle reports, citing the search warrant. He told officers he stopped at three gas stations on the drive to put air in the left rear tire, but his dashboard sensor continued to show low pressure, the search warrant says, according to the outlet. While driving on the highway, Patel said the car “began to feel different,” Sapien wrote in the warrant, the outlet says.

    “Patel then moved the Tesla to the ‘dirt path’ to check the tire air pressure,” the officer wrote in the search warrant, the Chronicle says. “Patel related that it was a short distance before they fell down the cliff.”

    Patel also told officers he hadn’t been on any medication or under the influence at the time of the crash, the search warrant says, according to the outlet.

    “When asked if he felt depressed, he related he was not really depressed, he just felt down because times were bad in the world, the war and the drugs,” Sapien wrote in the search warrant, the Chronicle says. “When asked if he felt suicidal, he stated, ‘you know, not like a plan, not usually’ and related that he was more worried about the world.”

    In responding to the Chronicle’s report, San Mateo District Attorney Stephen Wagstaffe told CNN there was “nothing new for us” as his office wrote the documents that supported the search warrants. “The details in the documents are important evidence of the charges we have brought against Mr. Patel,” he said.

    Patel is scheduled to appear in court June 12 for a preliminary hearing, court records show.

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  • Three investors on how to protect your portfolio | CNN Business

    Three investors on how to protect your portfolio | CNN Business

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    A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.


    New York
    CNN
     — 

    Wall Street has been hit with a barrage of complex signals about the economy’s health over the past month. From banking turmoil to weakening jobs data to slowing inflation, and now the start of earnings season, investors have remained largely resilient.

    But the Federal Reserve’s March meeting minutes revealed last week that officials believe the economy will enter a recession later this year. While that’s not new news to investors who have worried that a recession is on the horizon for the past year, it does mean that markets could take a turn for the worse.

    So, how should investors protect their portfolios? Investors say there isn’t one asset that Wall Street should pile all their bets on, but there are fundamentals that should underlie their investment strategies.

    Jimmy Chang, chief investment officer at Rockefeller Global Family Office, says he advises clients to be patient, defensive and selective when navigating the market.

    In other words, investors should make decisions based on logic, not a fear of missing out.

    “You chase these rallies and then it fizzles out — you’re left holding the bag,” he said.

    Chang also recommends that investors stay defensive by investing in high-quality blue chip stocks with solid balance sheets and keep dry powder.

    Doug Fincher, portfolio manager at Ionic Capital Management, says investors should brace their portfolios against inflation.

    The Personal Consumption Expenditures price index rose 5% for the 12 months ended in February, showing that inflation remains much higher than the Fed’s 2% target.

    Coupled with the fact that the central bank has signaled that it plans to pause interest rate hikes sometime this year, it’s possible inflation could prove stickier than Wall Street expects.

    “It is the boogeyman of traditional investments,” Fincher said.

    He manages the Ionic Inflation Protection exchange-traded fund, which seeks to specifically perform well during periods of high inflation. The portfolio’s core exposure is inflation swaps, which are transactions in which one investor agrees to swap fixed payments for floating payments tied to the inflation rate. The fund also invests in short-duration Treasury Inflation Protected Securities.

    Megan Horneman, chief investment officer at Verdence Capital Advisors, says that her firm has hedged its portfolio in cash. A well-known haven, cash is a better alternative to other perceived safe spots like gold, which tends to be volatile and run up too fast, she said.

    Investors have rushed into money market funds in recent weeks after the banking turmoil both shook their confidence in the banking system and sent ripples through the market.

    “Cash is actually earning you something at this point,” Horneman said. “You have to look long term.”

    Earnings season kicked off Friday with a bonanza of earnings from the nation’s largest banks.

    Perhaps most noteworthy out of the bunch was JPMorgan Chase, which reported record revenue and an earnings beat for its latest quarter.

    The bank has $3.67 trillion in assets, making it the largest bank in the country and a bellwether for the economy. Strong earnings reports from the New York-based bank and its peers including Wells Fargo, Citigroup and PNC Financial Services have shown a promising start to the earnings season.

    Charles Schwab, Goldman Sachs, Bank of America and Morgan Stanley report next week.

    Here are some key takeaways from JPMorgan Chase’s first-quarter earnings:

    • The company guided net interest income to be about $81 billion in 2023, up $7 billion from its previous estimate. That’s especially important because this earnings season is all about guidance, as investors try to gauge whether the economy is headed for a recession and which companies will be able to weather a potential downturn.
    • CEO Jamie Dimon said in the post-earnings conference call that while financial conditions are a bit tighter after the collapse of Silicon Valley Bank and Signature Bank, he doesn’t see a credit crunch. But chances of a recession are now higher, he said.
    • The company said that its portfolio’s exposure to the office sector is less than 10%, addressing concerns that the $20 trillion commercial real estate industry could be the next space to see turmoil.

    Read more here.

    Monday: Empire State manufacturing index and homebuilder confidence index. Earnings report from Charles Schwab (SCHW).

    Tuesday: Earnings reports from Bank of America (BAC), Goldman Sachs (GS), Johnson & Johnson (JNJ), Netflix (NFLX), United Airlines (UAL) and Western Alliance Bancorp (WAL).

    Wednesday: Earnings reports from Citizens Financial Group (CFG), Morgan Stanley (MS), Tesla (TSLA) and International Business Machines (IBM). Speech from NY Federal Reserve President John Williams.

    Thursday: Philadelphia Fed manufacturing index, jobless claims, mortgage rates, US leading economic indicators and existing home sales. Earnings reports from AutoNation (AN) and American Express (AXP).

    Friday: Manufacturing PMI and services PMI. Earnings report from Procter & Gamble (PG).

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  • Paper airplane designed by Boeing engineers breaks world distance record | CNN

    Paper airplane designed by Boeing engineers breaks world distance record | CNN

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    CNN
     — 

    It’s a bird… It’s a plane… It’s a paper airplane!

    The world record for the farthest flight by paper airplane has been broken by three aerospace engineers with a paper aircraft that flew a grand total of 289 feet, 9 inches (88 meters), nearly the length of an American football field.

    They beat the previous record of 252 feet, 7 inches (77 meters) achieved on April 2022 by a trio in South Korea. Prior to that, the record had not been broken in over a decade.

    “It really put things on the map and it’s a really proud moment for family and friends,” said Dillon Ruble, a systems engineer at Boeing and now paper airplane record holder, in a release. “It’s a good tie in to aerospace and thinking along the lines of designing and creating prototypes.”

    Ruble worked alongside Garrett Jensen, a strength engineer also with Boeing, and aerospace engineer Nathaniel Erickson. The trio are recent graduates who studied aerospace engineering and mechanical engineering at Missouri University of Science and Technology.

    The feat required months of effort, as the team put in nearly 500 hours of studying origami and aerodynamics to create and test multiple prototypes. The engineers put their final design to the test on December 2, 2022, in Crown Point, Indiana, where the record was achieved on Ruble’s third throw.

    “We hope this record stands for quite a while — 290 feet (88 meters) is unreal,” Jensen said in the release. “That’s 14 to 15 feet (4.2 to 4.6 meters) over the farthest throw we ever did. It took a lot of planning and a lot of skill to beat the previous record.”

    The team had decided their best chance at beating the world record would be with an airplane design that focused on speed and minimized drag, so that the plane could fly a far distance in a short amount of time.

    Gathering inspiration from various hypersonic aircrafts, vehicles that can fly faster than five times the speed of sound (Mach 5), specifically the NASA X-43A, the team had come up with the winning paper aircraft design — later named “Mach 5.”

    “Full-scale and paper airplanes have vast differences in their complexity, but both operate on the same fundamental principles,” said Ruble, via email. “Some of the same design methodologies can be applied to both. One of these methods was our trial-and-error design process. For instance, we would theorize about a fold we could change on our plane, fold it, throw it, and compare the distance to previous iterations to determine if the change was beneficial.”

    Ruble (from left) and Erickson fold their paper airplanes with witnesses overseeing. The engineers had to pay careful attention to the numerous rules and guidelines set forth by the Guinness World Record Team.

    To find the best technique when it came to throwing the paper airplane, the team ran various simulations and analyzed slow-motion videos of their previous throws.

    “We found the optimal angle is about 40 degrees off the ground. Once you’re aiming that high, you throw as hard as possible. That gives us our best distance,” Jensen said in the statement. “It took simulations to figure that out. I didn’t think we could get useful data from a simulation on a paper airplane. Turns out, we could.”

    Even down to the paper, which the team had decided that A4 (slightly longer than typical letter sized paper) was the best for manipulating and folding into the winning airplane. With these meticulously thought-out design choices, and careful attention to the numerous rules and guidelines set forth by the Guinness World Record Team, the three were set to break a record.

    On its record-breaking distance flight the plane was in the air for roughly six seconds. The Guinness paper plane record for duration of flight is currently 29.2 seconds.

    “The design objectives for an air-time record would be vastly different from the low-drag version we built for the longest-distance record,” Ruble said via email. “Increasing the wingspan and decreasing the aspect ratio would be the first steps in producing this type of plane.”

    Paper airplane aside, Ruble added that this tedious method of back-and-forth trials served as a testament to the importance of rigorous prototyping in the real world.

    Ruble and Jensen began their paper plane engineering careers while in middle school, participating in paper airplane events held at Boeing. Ruble said he enjoyed making the paper come to life and the hard work he had to put in to find ways to improve his designs. Both were also fans of origami as kids.

    The record-breaking team hopes their accomplishment will inspire other young and aspiring aerospace engineers to chase their dreams.

    For those looking to create their own record-breaking paper plane design, the feat is not impossible, but may take some time (and skill).

    “Mach 5 flies best at high relative velocity, but to achieve this condition, the aircraft must be launched in a specific manner,” said Ruble via email. “This technique, in addition to the complexity of the plane, means that only the most experienced paper aircraft enthusiasts would have success with the design.

    “However, by starting with publicly available designs, anyone can hone their skills to throw paper airplanes farther and higher than all of their friends,” he added.

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  • Harris to close out ‘Invest in America’ tour by announcing $300M in bridge repair funding | CNN Politics

    Harris to close out ‘Invest in America’ tour by announcing $300M in bridge repair funding | CNN Politics

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    CNN
     — 

    The Biden administration will announce nearly $300 million in Bipartisan Infrastructure Law funding to repair and replace bridges across eight states and the District of Columbia Thursday, closing out its three week “Invest in America” tour highlighting legislative achievements under President Joe Biden.

    Vice President Kamala Harris will make the announcement at the Arland D. Williams Jr. Memorial Bridge, which connects Washington, DC, to Northern Virginia and will receive $72 million in funding for repairs, the White House said. According to a fact sheet shared with CNN, the bridge serves over 88,000 vehicles per day.

    In addition, administration officials, including Transportation Secretary Pete Buttigieg and infrastructure coordinator Mitch Landrieu, will fan out across the country to highlight bridge projects in San Diego; Bay City, Michigan; Albany, New York; Northwest Oklahoma; Portland, Oregon; Northwest South Carolina; San Antonio; and Madison, Wisconsin.

    The funding is the latest in a series of projects aimed at preserving and repairing the nation’s bridges, including last year’s Bridge Formula Program, which released $11 billion in Department of Transportation funding in 2022 and 2023 to states, tribes, and territories for bridge repairs. It also allocated $2.1 billion in Federal Highway Administration grants to make critical improvements to the Brent Spence Bridge connecting Kentucky and Ohio; the Golden Gate Bridge in San Francisco; the Gold Star Memorial Bridge in New London, Connecticut; and the Calumet River Bridges in Chicago.

    Since Biden signed the infrastructure law in November 2021, an official told reporters Wednesday, states, cities, tribes, and metropolitan planning organizations across the country have begun repairs on over 4,600 of the nation’s bridges.

    Thursday’s announcement marks the last stop on the administration’s “Invest in America” tour, which Biden launched last month by touring a semiconductor manufacturing plant in Durham, North Carolina. Per an administration official, 20 representatives from the Biden administration traveled to over 50 cities across 25 states during the tour, highlighting $435 billion in funding for 23,000 infrastructure projects in 4,500 cities and towns across the US.

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  • Tesla to build next plant in Mexico | CNN Business

    Tesla to build next plant in Mexico | CNN Business

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    New York
    CNN
     — 

    Tesla’s next vehicle assembly plant will be in Mexico near Monterrey, CEO Elon Musk announced Wednesday.

    “We’re super excited about it,” Musk said during an investor day for the company. “We’ll continue to expand production at all of our existing factories. So this is not moving output to anywhere, from anywhere. This is supplemental production.”

    The company currently has capacity to build about 2 million cars a year at four factories, in Fremont, California; Shanghai, China; Austin, Texas; and Berlin, Germany. It has set a goal of eventually building 20 million cars a year. The company delivered just over 1.3 million cars in 2022. The largest automaker in the world by production volume, Toyota, delivered just over 10 million cars globally in 2022.

    Tesla did not comment on the cost of the new plant. The news was a confirmation of plans announced Tuesday by Mexican President Andres Manuel Lopez Obrador for Tesla to build its next factory in the country. Reuters reported that Mexican officials said the plant could cost $1 billion.

    The company estimates to build the additional plants needed to reach 20 million vehicles will cost a total of $150 billion to $175 billion, including the $28 billion in investment that it has already made in its history.

    “Maybe this total investment looks large,” said CFO Zachary Kirkhorn. “I think its quite small relative to our ambitions.”

    The company also announced that earlier Wednesday it built 4 million vehicles in its history.

    Shares of Tesla

    (TSLA)
    slipped more than 5% in after-hours trading Wednesday, although that was up a bit from a larger decline before Musk’s announcement more than three hours into the presentation. There had been hope by some investors that Tesla

    (TSLA)
    would announce details about a next generation of vehicles. Musk declined to answer a question about the next generation vehicle.

    “We will have a proper sort of product event,” Musk said. “We’d be jumping the gun if we were to answer that question.”

    In response to another question from an analyst, Musk said he doesn’t anticipate Tesla ever having more than 10 different vehicles in its product lineup. He derided the broad offerings of competing automakers as simply a “shuffling” of many similar models.

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  • MLK invoked as Tyre Nichols’ life is celebrated in song and tributes in  Memphis | CNN

    MLK invoked as Tyre Nichols’ life is celebrated in song and tributes in Memphis | CNN

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    CNN
     — 

    Mourners, from Vice President Kamala Harris to the activist the Rev. Al Sharpton, on Wednesday celebrated the life of Tyre Nichols, whose death at the hands of police in Memphis led to second-degree murder charges against five officers.

    “Mothers around the world, when their babies are born, pray to God when they hold that child, that that body and that life will be safe for the rest of his life,” Harris said to applause during Nichols’ funeral service in a packed Memphis sanctuary.

    “And when we look at this situation, this is a family that lost their son and their brother through an act of violence at the hands and the feet of people who had been charged with keeping them safe.”

    Nichols, 29, who was Black, was subdued yet continuously beaten after a traffic stop by Memphis police on January 7. He died three days later.

    “The people of our country mourn with you,” Harris told Nichols’ family.

    Sharpton, in a painfully familiar role, delivered an impassioned eulogy that paid tribute to Nichols’ life and served as a clarion call for justice.

    Sharpton said he visited the Lorraine Motel, where the Rev. Martin Luther King Jr. was assassinated in Memphis in 1968. He called out the five Black former officers charged in Nichols’ death.

    “There’s nothing more insulting and offensive to those of us that fight to open doors, that you walked through those doors and act like the folks we had to fight for to get you through them doors. You didn’t get on the police department by yourself,” Sharpton said.

    If Nichols had been white, Sharpton said, “you wouldn’t have beat him like that,” referring to the five former officers.

    “You don’t fight crime by becoming criminals yourself… That ain’t the police. That’s punks.”

    The reverend invoked King’s 1968 “Mountaintop” speech in Memphis, where King said he had reached the peak and seen the Promised Land. The former cops accused of killing Nichols, he said, failed to live up to that legacy. “He expected you to bring us on to the Promised Land,” Sharpton said.

    Flanked by the Rev. Al Sharpton and her husband, Rodney Wells, RowVaughn Wells speaks during the funeral service for her son Wednesday.

    RowVaughn Wells, Nichols’ mother, remembered her son as “a beautiful person” and echoed others at the celebration of life in calling for passage of the George Floyd Policing Act.

    “There should be no other child that should suffer the way my son and all the other parents here (who) have lost their children,” she said.

    Nichols’ older sister, Keyana Dixon, recalled looking after her younger brothers.

    “With Ty, I didn’t mind,” she said. “He never wanted anything but to watch cartoons and a big bowl of cereal. So it was pretty easy to watch him.”

    Dixon said all she wants is her “baby brother back.’

    Benjamin Crump, an attorney for Nichols’ family, said the charges against the five ex-officers in Nichols’ death set a precedent. Within 20 days of his death, the former officers were indicted on charges that included murder and kidnapping.

    “We can count to 20 and every time you kill one of us on video, we’re going to say the legacy of Tyre Nichols is that we have equal justice swiftly,” he said.

    Tyre Nichols, 29, was a free spirit with a passion for skateboarding and capturing sunsets on his camera.

    For the day, mourners at Mississippi Boulevard Christian Church shifted the focus from the heart-wrenching footage of the beating that Nichols in a hospital bed with his face badly swollen and bruised before his death, sparking protests across the country.

    Harris was joined other senior level Biden administration officials, including White House Director for the Office of Public Engagement Keisha Lance Bottoms, former mayor of Atlanta, and Senior Adviser to the President Mitch Landrieu.

    Representing other Black people killed by police, Tamika Palmer – whose daughter Breonna Taylor was fatally shot in her Louisville, Kentucky, home by police during a botched raid in March 2020 – attended the service.

    Also there was Philonise Floyd, the younger brother of George Floyd, whose name reverberated across the nation following his May 2020 death after an ex-cop Minneapolis cop knelt on his neck and back for more than 9 minutes.

    “The family needs all the support that they can get,” Gwen Carr, whose son, Eric Garner, died after being placed in a chokehold by an NYPD officer in 2014, told CNN Wednesday before attending the service. “It’s so fresh for them but for me, it just digs into old wounds.”

    The service was scheduled to begin at 10:30 a.m. local time but was pushed back because of bad weather and travel delays. It began shortly after 1 p.m. on the first day of Black History Month with African tribal drummers and a gospel choir.

    With Nichols’ black casket, draped in a white bouquet of flowers, as a centerpiece, the young man was praised by the Rev. J. Lawrence Turner as “a good person, a beautiful soul, a son, a father, a brother, a friend, a human being – gone too soon.”

    Mourners watched slide shows of a smiling Nichols at different times in his life. A photo montage opened with a quote from Nichols: “My vision is to bring my viewers deep into what I am seeing through my eye and out through my lens.”

    The Rev. Al Sharpton introduces the family of Tyre Nichols.

    Tiffany Rachal, the mother of Jalen Randle, a 29-year-old Black man killed by a Houston police officer last year, offered her condolences to the family before singing, “Lord I will lift my eyes to the hills.”

    On Tuesday, Sharpton and Nichols’ family gathered at the Mason Temple Church of God In Christ headquarters in Memphis – where King Jr. delivered his famous “Mountaintop” speech the night before he was killed.

    “We will continue in Tyre’s name to head up to Martin’s mountaintop,” Sharpton said from the “sacred ground” where MLK delivered his speech 55 years ago.

    Tyre Nichols' funeral service took place less than a week after Friday evening's public release of footage of the brutal attack on him.

    Sharpton reflected on the family’s loss as their son’s name is added to a vast pantheon of Black people who died after encounters with police.

    “They will never ever recover from the loss,” Sharpton said.

    Before Wednesday’s service, Dan Beazley, 61, carried a towering wooden cross over his shoulder outside the Memphis church. He said he drove 12 hours – including through an ice storm – from Northville, Michigan, to pay his respects and shine a light.

    Dan Beazley, 61, left, carries wooden cross outside Mississippi Boulevard Christian Church.

    Nichols has been described as a devoted son who had tattooed his mother’s name on his arm, a loving father to a 4-year-old boy, and a free spirit with a passion for skateboarding and capturing sunsets on his camera.

    Public outrage over the disturbing arrest video led to firings or disciplinary action against other public servants who were at the scene, including the firings of three Memphis Fire Department personnel. Two sheriff’s deputies have been put on leave. Additionally, two more police officers have been placed on leave.

    Nichols’ funeral took place less than a week after Friday evening’s public release of footage of the attack on him shook a nation long accustomed to videos of police brutality, especially against people of color.

    The brutal attack sparked largely peaceful protests from New York to Los Angeles as well as renewed calls for police reform and scrutiny of specialized police units that target guns in high crime areas.

    Up to 20 hours of video recordings haven’t been released, Shelby County District Attorney Steven Mulroy told CNN’s “The Situation Room with Wolf Blitzer” on Wednesday. The audio from the recordings is “probably more useful” in some cases than what the video shows, Mulroy said.

    He didn’t specify what can be heard on the recordings, which he said include sound captured after the beating took place.

    The release of that footage will be determined by city officials, he added.

    The prosecutor said he has asked the Tennessee Bureau of Investigation to expedite its investigation into the other emergency responders – those besides the five already indicted – to see whether any charges are warranted for them. Those people include the officers who filed the paperwork, he said.

    Nichols was the baby of his family, the youngest of four children, according to RowVaughn Wells.

    He moved to Memphis from California right before the Covid-19 pandemic and remained there after the mandatory lockdowns prompted by the health crisis, his mother has said.

    Nichols was a regular at a Germantown, Tennessee, Starbucks where he befriended a group of people who set aside their cellphones at a table and talked mostly about sports, particularly his beloved San Francisco 49ers.

    His visits to Starbucks were typically followed by a nap before heading to a his job at FedEx. He would come home for dinner during his break.

    Nichols was also a fixture among the skateboarders at Shelby Farms Park, where he photographed memorable sunsets, according to his mother.

    In fact, taking pictures served as a form of self-expression that writing could never capture for Nichols, who had written on his photography website that it helped him look “at the world in a more creative way.”

    He preferred capturing landscapes.

    “I hope to one day let people see what i see and to hopefully admire my work based on the quality and ideals of my work,” he wrote.

    Before moving to Memphis, Nichols lived in Sacramento, California, where a friend recalled that “skating gave him wings.”

    On Wednesday, one song performed at the end of the service was a gospel version of Sam Cooke’s “A Change Is Gonna Come.”

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  • Tesla invests $3.6 billion to expand Nevada complex with two factories | CNN Business

    Tesla invests $3.6 billion to expand Nevada complex with two factories | CNN Business

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    Tesla said on Tuesday it would invest more than $3.6 billion to expand its Nevada manufacturing complex with two new factories, including the first facility to mass produce its long-delayed Semi electric truck.

    The other factory will make new battery cells, called 4680, and have the capacity to make enough batteries for 2 million light-duty vehicles annually. Together, the plants will employ about 3,000 people.

    The Elon Musk-led company’s existing complex in the city of Sparks makes lithium-ion batteries, vehicle parts and other products such as Powerwall, a power backup system for consumers.

    Unveiled in 2017, the Semi was initially expected to go into production in 2019 but its first delivery was delayed to December, when Musk handed a vehicle to PepsiCo. The move marked Tesla’s first foray into the trucking business.

    The 18-wheeler truck has a range of 500 miles on a single charge and can carry 81,000 pounds including the cargo. It may qualify for tax credits of $40,000 offered for clean commercial vehicles under the Inflation Reduction Act, which was signed into law in August.

    Tesla Chair Robyn Denholm said in November that Tesla might produce 100 Semis in 2022, but the company did not disclose any figure in its fourth-quarter production report.

    The EV maker aims to produce 50,000 of the trucks in 2024, Musk had said on a post-earnings call in October.

    PepsiCo plans to roll out 100 Semis in 2023. Other customers for the truck include brewer Anheuser-Busch, United Parcel Service and Walmart.

    The Semi will face competition from Daimler’s Freightliner, Volvo and Nikola Corp, which have also rolled out their own battery-powered trucks.

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